JS Bank to Launch Currency Exchange Company
In a recent board meeting held on August 27, 2024, JS Bank Limited (PSX: JSBL) approved plans to establish a new currency exchange company. This venture will be a wholly owned subsidiary of the bank, with an initial paid-up capital set at Rs. 700 million. The formation of the exchange company is pending approvals from the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, and compliance with relevant laws and regulations.
Additionally, the bank has greenlit an investment of Rs. 606 million into a Real Estate Investment Trust (REIT) managed by JS Investments Limited, another subsidiary of the bank. This investment includes Rs. 467 million in bank-owned properties and Rs. 138 million in cash, contingent upon shareholder approval.
The board also approved the appointment of Saad Ali Bhimjee as the new Non-Executive Director and Basir Shamsie as the new Executive Director. These appointments are effective from August 27, 2024, subject to clearance of their Fit & Proper Test (FPT) by the State Bank of Pakistan.
